Comment by sreyaNotfilc | Hacker News Reader

Comment by sreyaNotfilc | Hacker News Reader

I've bought a home 5 years ago when I was 24. So, I am stuck with it. I do want to create a startup and have began rolling out code for my website. Its very tough to have to pay a mortgage. Which means to work 8 hours a day on something else, so that you have a place to stay so that you can work X hours a night on what you want to work on.

At the time I bought my home, I'd never thought that I would be in any position to create/run a business. I was a naive kid, and in hindsight I'm on the fence to whether or not that was a good idea or not. So, packing up my things to move over to Cali isn't going to be that easy. But whose to say that creating a startup is easy?

I believe I have a great idea. I really do, but the risk to just leave it all behind is daunting. For me, I would (and am) doing as much research as I can. That's why yCombinator is such a great program. They will help you out as far as the world of the startup. I missed this round, but am planning on entering the next one. By that time, my work on my site will be that much more polished and "ready".

I would love to leave it all and wish I had, but I was in no way ready for that at 24. Staying allowed me to move up the ladder, and really learn my craft very well. I would've been a terrible developer 5 years ago. I'm a firm believe that its never too late. Yes, I'm spending every waking hours thinking about code (both at work and for my site), but I have a feeling it will pay off.

Here's hoping...

The good thing is homes can easily be bought and sold. It may be less of a trap than you think. Children, on the other hand, are more difficult to move on the open market...

Chances are if you bought 5 years ago you are underwater and can't sell it.

In that case it _could_ be reasonable to let the bank foreclose on it. I know people that have done this to their relief. Obviously a more serious decision than selling a house, but still less serious than selling children.

Foreclosing isn't as easy as it sounds. For one, the bank can sue you for the difference between the auction price and the loan. For two, the IRS will expect you to pay taxes on that "forgiven" difference. For three, your credit will be (temporarily) ruined and it will be difficult to get a new apartment/mortgage/loan. So, owning an underwater house can be a big problem. Though, sometimes it is worth it to sell for a loss in exchange for freedom; within reason.

Oh, I wasn't really suggesting it's simple. I don't envy anybody in that position, and hope anybody thinking of walking away from such a situation does so on good advice. I know two people who've done this; I don't know the low-level details, so perhaps it was necessary for some definition of "necessary", but the next few years will be interesting to hear of, regardless.

Hey sreyaNotfilc.

I'm in nearly in the exact same boat, but I've started to see some movement on the career front in just the last few weeks.

It took much more than those few weeks to get there, though, and a lot of little things over time to change course. You can find my email in my profile if you want to exchange notes.

Good luck!

Having a mortgage means you can't tolerate a long profit-less ramp up. Find a business you can start that draws revenue immediately. You'll have to do some business analysis before you code, but this actually is probably better than the "build and pray" method that many younger founders do.

Not sure where you live, but have you looked into renting the house in a way that would cover your mortgage?

Yes and no. A year ago, I was thinking of renting out rooms in my home to my sister and two others (her friend and another person). My sister ended up getting sick, so she wasn't able to live with me. I did get a roommate however 6 months ago. So, that's a step in the right direction, but it seems very tough to rent the other rooms out. I usually have someone agreeing on living here only to find out that they chose another place instead.

I started getting fed up and have decided that this place needs to be filled now or I just need to get rid of it anyway I can. I've been lightly thinking about doing that for a while, but now that I have a working prototype online (and may more to come), I need to move a lot faster.

It is maddening. But, I suppose that the start up life can be this way. The ultimate goal is to be able to get this thing off the ground, so that's something I just have to do. I just want to get rid of this thing and focus on building this product. It is my first home, but now is the time to part ways with it. I will be making calls this week on how to move forward.

Rent out the house and move into cheap accommodation somewhere. This isn't really a good excuse. You may even be able to rent it furnished.

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